BTCUSD update: Price action is fluctuating around the 7381 resistance level . With a bearish pin bar present, this formation points more toward selling in the near term. If the minor weakness persists, the next buying opportunity may be around the 7K level.

BTC continues to lead the way. What is interesting is other markets like ETH may present obvious buy signals, but we suspect they will not follow through without the cooperation of this market.

7381 is the .382 of the recent bearish structure relative to the 9990 high. The attempt to clear this level has resulted in a bearish pin bar and indecisive price action. The longs that are getting sucked into this area are the ones who will fuel the selling of the anticipated retrace.

Earlier on S.C., we issued a buy order on ETH that aims to capitalize this possible BTC retrace. We anticipate supportive price patterns around the 7K psychological area.

In summary, this market is still in the process of building the structure that can lead to a broader movement higher. Our recent Elliott Wave update revealed that if the underlying sentiment stays intact, reaching 10K+ in a month is within reason. During this time, any tests of support, especially at extreme levels will offer the highest probability opportunities. It is all a matter of patience.

I posted an update to my analysis. For those who are waiting for a pullback, NO we are not going to $8,000. NO we are not going to $9,000. It's totally okay to go to $7,920, but that's our maximum extension of this breakout. Yes we are bullish, we just reversed from a month-long Inverse H&S, and the alt market is moving their capital to Bitcoin. But the technicals remain the same according to my most bullish scenario. Patience.

@BTC-Pizzaiolo, looks like we are at $8K right now, my question is who is buying at these extreme levels, with RSI touching past is 90+ on 4 and 6 hour candles, this is what fomo looks like. I'm ready for some bloody candlesticks.

@ansonphong, Yeah, my chart has been invalidated. I was hoping for a more measured and technical rally, instead of an emotional one like we're seeing. We're getting into over confident territory by the bulls, which should find some sellers. Unfortunately, after this comes euophoria, and that could be our top. Let's hope things slow down and pull back enough to let more retail traders in the rally, that's the only way I see us reaching $10,000 and breaking it.